Metaplanet Bitcoin Stack Hits $3B After $450M Spree

Core Insights - Metaplanet has increased its Bitcoin holdings to over $3 billion after acquiring an additional 4,279 Bitcoin for approximately $451 million, totaling 35,102 BTC [1] - The company aims to treat Bitcoin as a core treasury asset rather than a short-term trade, reflecting a strategic shift towards a hybrid model of treasury and income generation [3] Financial Performance - The latest Bitcoin purchase was made at an average price of ¥16.33 million per Bitcoin, raising the cumulative cost basis to ¥559.73 billion, or an average of ¥15.95 million per coin [2] - Operating revenue from the Bitcoin Income Generation business is projected to reach ¥8.58 billion (about $54 million) for fiscal year 2025, significantly exceeding previous guidance of ¥3.0 billion and revised forecasts [4] - Revenue from the Bitcoin income generation segment has shown substantial growth, increasing from ¥691.6 million in Q4 of fiscal 2024 to ¥4.24 billion in Q4 of fiscal 2025, with a compounded quarterly growth rate of about 57% [6][7] Business Strategy - The income generation business utilizes option-based strategies to create recurring cash flow, fully segregated from long-term Bitcoin holdings intended for indefinite retention [5] - Any capital generated from the income business may be added to long-term reserves, but the reverse is not allowed, ensuring the core treasury remains untouched [5]